5 Minute Millionaire Math (no calculator needed)

5 Minute Millionaire Math (no calculator needed)

– I was so small as a kid, I never imagined that I
could lift a lot of weight. And then I was deployed and
got really into crossfit, and I had a crazy goal of
dead lifting 500 pounds. But I will tell you I never thought that I could lift that amount of weight. Well finally, I hit that goal. And when I got back from Iraq, I actually hit a personal record, and dead lifted 515 pounds. – [Trainer] You got it,
you got it, yes, yes go! (Cheering) – For the same reason that I believed that I couldn’t dead lift 500 pounds, is the same type of reasoning of why you think that you can’t get rich, can’t become wealthy, and become a millionaire. Well we’re going to debunk
all of that right now. I’m gonna show you how you
can become a millionaire by changing your mindset in 5 minutes. Let’s find out how you
can do that right now. (upbeat electronic music) What’s goin y’all, welcome
to Wealth Hacker TV, the channel dedicated
to teaching you new ways to grow wealth that is not taught to you in schools or by your parents. I am your gracious host, Jeff Rose. Today we’re talking about
simple millionaire math, on how changing you’re mindset and doing some simple math, I’m gonna show you how you can become a millionaire in 5 minutes. And a lot of it has to do with mindset. So at the beginning of this video, I talked about me believing that I couldn’t dead lift 500 pounds. Like I truly believed it. Now I didn’t just wake up one day or roll out of bed and
throw on 500 pounds, and tried to lift it. Because that wouldn’t have been pretty. It would’ve been pretty ugly. – [Trainer] There you go. – [Friend] Go Matt
– [Trainer] There you go. – [Friend] There you go
Matt, there you go Matt – [Trainer] There you go.
(scream) [Matt] (scream) – So just because you
do the millionaire math, you spend the time, you
change your mindset, doesn’t mean that you’re going to become a millionaire overnight. It takes work. So with me and dead lifting, that was me committing and believing that I could lift that amount of weight, and then putting in the work. Every single day, every single week, until finally I could lift that 500 pound goal that I had. And just like becoming a millionaire, I just didn’t roll out of bed one day and become a millionaire. First I had to have the belief, I had to make the commitment, then I had to do the work, and then over time, I
became a millionaire. But it all starts with that mindset shift. And for many we get stuck because we just can’t even compute the numbers. And what I wanna share with you today is just some simple millionaire math. How doing five minutes of minutes of math with some real life examples
on how you can achieve millionaire status. All right, so let’s start
with some simple math. You wanna make $10,000 extra. Many of use can’t even fathom that. Like to make 10 G’s, to
make $10,000 on the side. But, once again let’s break this down into simple math, to
make $10,000 on the side. Let’s say that you find
some sort of side hustle, some sort of side gig, a part-time job, whatever, and you make $25 per hour. So if you do that side hustle,
that side job, that side gig, making $25 and hour and doing that 10 hours a week every single month, in 10 months, you will have made $10,000. So, $25, 10 extra hours a week,
you’re already at $10,000. If you find something
that pays you $50 an hour, you’ve just cut that in half. In 5 months, you’ve made $10,000. But once again, that’s just simple math, and it’s doing the work, and also finding whatever it is, that gig, that hustle, that side job, whatever that is to make that extra money. But don’t get stuck on the math, because it’s possible to
make $10,000 on the side, whether it takes you 10 months,
12 months, or 14 months, it doesn’t matter. It’s making the commitment
and doing the work. All right so let’s apply
that $10,000 example, but let’s rash it up a little bit, and let’s talk about how
to become a millionaire. So if you want to make a
million dollars in one year, you’re going to have to
make $83,333 per month, or you’re gonna have to
make $20,830 per week, or $520 per hour. All right so that’s awesome and all, but the reality of you finding
a $500 side gig, side hustle, that’s just gonna show
up and appear on your lap like that’s not going to happen. Don’t put all your faith into that. But if you could make $100 per hour, doing the 40 hours per week, in five years, you would have achieved million dollar status. You would’ve made a
million dollars in 5 years. So, that is showing you
some millionaire math. Now, you’re now making $100 per hour yet, but that’s fine. So let’s go even deeper. If your making less, if
you have a aide hustle, if you have some sort of product, or side business that you can create, you could make a million dollars. Let me give you some real life examples. So I’m gonna introduce
a concept to you called the profit ladder, or
sometimes referred to as, the value ladder. And the whole idea is that,
you’re going to create a minimum viable product,
something that is lower-end, cheap, that people can get in and buy your product or service, and now they’ve become familiar with you, your business, your offering,
what you’re all about. And if you’re wondering like,
‘does this really happen?’ Well it happens all the time. You see it on Amazon, you
see it on Kickstarter, or you see it on Etsy. There are so many products that are in that lower price point. You know we’re talking $5, $10, $15 or so. And just getting you used to their brand. So let me just give you an example, a real life example of
another blogger I know in the personal finance space. She focuses on budgeting, and she has a budget bootcamp, a budget workbook. And this thing is a $7 product. And at $7, she’s been
able to make over $100,000 in one month selling a $7 product. So if you have a similar priced product, at $10, you just have
to sell 100,000 of them to make your million dollars. Now you’re probably thinking, ‘How in the world am I
gonna find 100,000 people?’ Well, guess what people
on Amazon, on Kickstarter, all the places I’ve already mentioned. You can find 100,000 people. That’s what the Internet is all about. But that is just one example. $10 product, 100,000, ya
made a million dollars. Okay, so that’s some examples
of the initial offerings, something that’s just going
to get people in the door. Lower price, you’re not asking for a huge monetary commitment. But now they’re a paying customer. So now you can market
other things to them. So for me, or even for you, you could do personal coaching. And you could charge anywhere
from $100, $200, $250, or more depending on your
expertise and experience. But you could charge coaching. Now you could set up a PayPal account, and charge that way. I did that initially. Then I also set up an
account with Clarity.Fm that allowed me to
market myself as a coach on blogging, entrepreneurship, and I started charging, I think it was couple hundred dollars per hour. And then I topped out at $1,000 per hour for one-on-one coaching. But if you don’t wanna do coaching, you could also have a
different digital product. And you could just charge
more by offering more. So you’ve got your entry-level
product that’s $10, could be some PDFs, maybe some videos. Well now you could have a full on course. And with this course you can
charge $250, $500, $1,000. The first course I ever created, I was selling for $2,500. And just some examples
I’ve already interviewed Mike and Bobby from Laptop Empires. And they have their
Facebook side hustle course. Be sure to check out their interviews where we talk about their
journey and their course, and how they were able to build a million dollar business
in under four years. But with their course,
they’re charging anywhere from $300, $400. They have some additional bonuses they can add on that price,
and make that much more. I have another good friend Steve Chu from MyWifeQuitHerJob.com,
and Steve has a course showing others on how to create and build a profitable eCommerce business. So Steve did this himself,
and then he created a course about it. And when he first launched this course, I think he was selling it for about $300. And last time I checked, it was anywhere between $700, $800, maybe
even $900 for his course. And just taking his
expertise and experience and marketing that, and I
know that he’s also made millions from his course. All right, let’s go back to
our simple millionaire math. We have our entry-level product, $10. If we sell 100,000 at $10,
we have a million dollars. But now, we have a $500 product. We don’t have to sell 100,000, we just have to sell 2,000. So 2,000 customers at
$500, we now have made one million dollars. And it only gets better. All right now we’re on to the second tier. We talked a little bit about a course, we talked about coaching, well now you could just have
a more higher-end course. Maybe you’re catering
more to other businesses, or some sort of niche
that people are willing to pay top dollar. I’ve already mentioned my course, which was the Online
Advisor Growth Formula. This was a course that I marketed to financial advisors that wanted to grow their practice,
their business utilizing online marketing. Because I was targeting
financial advisors, I know that I could charge more. So didn’t have to charge $300 or $500. Right out of the gate, I
was able to charge $2,500 for my course. And I’m not the only one that can command that type of price. If you’re on YouTube for
any specific amount time, I’m sure you’ve heard of Dan Lok. Dan Lok is a
multi-millionaire and he’s got some amazing content out there. And he also has many courses. I actually just bought his
YouTube course here recently, and I believe it was
$2,500 that Dan was able to sell and market and people were paying $2,500 for the course that Dan put out. So yes, you can command
a higher price point on courses if you have the expertise, and if you have the right clientele. So we’re going back to
our millionaire math. 100,000 at $10 equals a million, 2,000 at 500 equals a million. Well now, if you have 1,000
people paying you $1,000 for some sort of product,
you’ve got a million dollars. And if you can get to
the $2,500 price point, all you need is 400 customers. 400 customers paying you $2,500, now you’ve got your million dollars. And the awesome thing
about this profit ladder, this value ladder concept is that you can keep going higher
and higher and higher. I have a men’s mastermind
group that I lead that I charge $10,000 for. I have another good friend
of mind John Corcoran who is a lawyer turned internet marketer, now he runs a very high level coaching and mastermind group. And he charges $25,000 to be in his group. So once you get to that status of providing value, but you gotta have that entry-level product. You got to be able to
get them in the door, show ’em what you’re all about, build that trust, build that confidence they have in you and your ability to show them how to achieve whatever it is that they’re trying to accomplish, and then you can get up there. But it all starts with that
simple millionaire math. Okay, so here’s a quick exercise that I want you to do right now. What is your hourly rate? What are you making per hour now? Let me know in the comments below. Based on how much you’re making right now, how long it would take you
to make one million dollars? It’s simple millionaire math. What are you making right now, and how long is it going
to take you to make one million dollars? Just using some of the
formulas I’ve shared in this video. So let me know in the comments below, how long it’s going to take
you to make one million, and then you better subscribe, because I’m gonna show
you how you can make a million dollars a whole lot faster, because that’s what the Wealth
Hacker channel is all about. All right y’all, until next time, this is Jeff Rose reminding you that it’s your money, it’s you’re life and only you can make it awesome. Let’s do it together. Peace.

32 thoughts to “5 Minute Millionaire Math (no calculator needed)”

  1. Jeff Your an inspiration! I'm a Dance Instructor and I was curious howyou would market this year?

  2. Hi Jeff. First of all thanks so much for putting so much great material out there! I wanted to ask you two things: 1) What do you think about Toshl, and personal finance apps, can they replace or are they complementary to a personal finance advisor? 2) Which investment platform would you recommend to someone who lives outside of the US? Thanks again for your channel.

  3. Making 11.50 at my hourly job, would take 43 years to make a million. My side hustle makes 25 and would take me 20 years. I think it's time to quit my day job…

  4. Dude it's 4am now (in India) I couldn't sleep through the night thinking about how I'm gonna make good money after my graduation….
    And then you popped up!!!

  5. $20.90 and it will take me about 10-15 years because I am living in New York City but I know I am focused to get it and I will get it and I will get it before 10 years.

  6. You didn't deadlift. You picked it up and dropped it. A deadlift is control of the wieght all the way up and all the way down. CrossFit teaches bad form. But congratulations on lifting 515 pounds and then dropping it. I'm sure the gym owner was happy with the way you abused the equipment. CrossFit is the Scientology of wieght lifting. #YourWorkoutIsMyWarmup

  7. I'm trying to pay one of my high interest credit card off. Is it best to pay it off then close it right away or let close by itself?

  8. Great video. My day job hourly rate will take me a lonnnnnnng time to get there. I'm not sure I could do 1 million in a year online, but why not 1 million in 5 years?

  9. Iโ€™m working to build a couple blogs up to earn some affiliate marketing income. Iโ€™d also like to start doing freelance writing to make income and possibly part-time work or gig job I can do while kids are at school. My goal is to earn $100000 in the next 12 months, outside of dividends and interest earned on current investments. Itโ€™s a big goal, but I am dreaming big these days after years of pessimistic thinking. My time has come.

  10. Excellent video. You hit the nail I the head showing with simple math what you can do to grow your business. This is connected to your $100,000 and $200,000 mindset. You start charging little money for small products, but to outgrow that mindset, you push forward to the next tier by changing your mindset.

  11. My day job it will take 22,222 hours! But that's sitting behind a computer being anonymous. I just don't like being out in front. I don't mind hard work, but social media is just NOT MY THING! Guess I need to just sell on AMAZON. ๐Ÿ™‚

  12. It would take me approx 5 years but I have been beasting it for almost 2 years so far doing some seriously unhealthy amount of hours. I have to say I dont fancy doing it the same way for the next three years. I am planning on some serious changes, thanks Jeff for helping me to realize what is possible.

  13. I don't know if he still has a Clarity.fm profile but when the site first started Mark Cuban's rate was $10,000/hr.

  14. Hey Jeff I make $39.50 / hr at my day job. One difficult part about it is I work 12+ hr days. Living in CA is becoming hard to buy a house in a safe area without a million bucks. What can I do on the side to get to my goal of owning a home faster? Thanks

  15. I know your information is correct Jeff because years ago I started doing some stock trading and my first goal was to make just $1 profit. Well, this was back in the 90's and I had started with no money but eventually through some borrowing I had grown my trading account up to $300,000 and I was not happy if I did not make at least $5,000 on a trade. All this began to unravel with the crash of 2000 when I lost $100,000. I will be retiring soon and I would like to do some of this again in retirement to earn a little extra money. This time though I will try to stay away from margin accounts and just use cash. This way I won't be forced to sell and take a loss. Thanks for the encouragement.

  16. Now if you could be a millionaire with deadlifting 500 pounds…. that would be nice๐Ÿค”

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